Japan’s Sumitomo Corporation has agreed to buy banana giant Fyffes for EUR 751.3m ($793) in a unanimously recommended cash offer.
The Japanese trading house has agreed to offer EUR 2.23 per share in a deal that represents a 49% premium to Fyffes’ closing share price of €1.50.
“We believe this transaction represents a compelling proposition for our shareholders and crystallises the substantial value created in recent years,” said Fyffes chairman David McCann, whose family has agreed to sell its 12% stake.
The
